Zendesk Shareholders Poised to Reject Value Destroying Momentive Acquisition

Rhea-AI Summary

JANA Partners LLC has formally expressed strong opposition to Zendesk's planned acquisition of Momentive (formerly SurveyMonkey). In a letter to the Zendesk Board of Directors dated January 3, 2022, JANA emphasized shareholder concerns and called for an immediate termination of the transaction, describing it as potentially damaging to shareholder value. The letter outlines reasons for their stance and highlights the necessity for the Board to reconsider the deal.

Positive

• None.

Negative

• Shareholder opposition to the Momentive acquisition could lead to a failed transaction.
• Concerns raised suggest potential value destruction for Zendesk shareholders.

NEW YORK, Jan. 3, 2022 /PRNewswire/ -- JANA Partners LLC today announced that it has sent a letter to the Zendesk (NYSE: ZEN) Board of Directors highlighting shareholder opposition, revealing new concerns regarding the proposed acquisition of Momentive (NASDAQ: MNTV-formerly SurveyMonkey), and calling on the Board to immediately terminate the transaction. 

The full text of JANA Partners LLC's letter is available for viewing at the following link: www.janapartners.com/zendesk

Contact: IR@janapartners.com

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SOURCE JANA Partners LLC

FAQ

What concerns did JANA Partners raise about Zendesk's acquisition of Momentive?

JANA Partners highlighted shareholder opposition and concerns that the acquisition could destroy shareholder value.

When did JANA Partners send their letter to Zendesk's Board?

JANA Partners sent their letter on January 3, 2022.

What is the stock symbol for Momentive and Zendesk?

Momentive's stock symbol is MNTV, and Zendesk's is ZEN.

What action is JANA Partners calling for regarding the Momentive acquisition?

JANA Partners is calling for Zendesk's Board to immediately terminate the acquisition of Momentive.

How might JANA Partners' letter impact Zendesk's acquisition of Momentive?

The letter represents significant shareholder dissent, which may jeopardize the acquisition's approval.